In 2023, the global sale of music records increased for the ninth consecutive year, driven primarily by a larger number of subscribers to streaming services, according to the International Federation of the Phonographic Industry (IFPI). Revenue from the sale of sound recordings rose by 10.2 percent to $28.6 billion. More than half of this revenue came from streaming, which increased by 10.4 percent to $19.3 billion. Streaming subscriptions grew by 11.2 percent, with over 667 million users.
Revenue from physical media such as CDs and vinyl increased by 13.4 percent, while royalties grew by 9.5 percent. The only category to see a decrease was digital music sales, which declined by 2.6 percent. IFPI Chief Financial Officer John Nolan noted that these figures reflect a diverse and global sector, with growth in all markets and regions.
Despite the positive growth, IFPI Chief Legal Officer Lauri Rechardt highlighted challenges such as streaming fraud, digital piracy, and the potential misuse of artificial intelligence. These issues need to be addressed responsibly to protect artists and publishing rights.
Sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the region with a 77 percent share of income
